Meta Platforms, Inc. (NASDAQ:META) Shares Acquired by Correct Capital Wealth Management

Correct Capital Wealth Management lifted its position in shares of Meta Platforms, Inc. (NASDAQ:META) by 40.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,304 shares of the social networking company’s stock after buying an additional 1,531 shares during the quarter. Meta Platforms makes up about 0.5% of Correct Capital Wealth Management’s holdings, making the stock its 17th largest position. Correct Capital Wealth Management’s holdings in Meta Platforms were worth $3,057,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Meta Platforms in the 4th quarter valued at about $19,949,512,000. GAMMA Investing LLC raised its stake in Meta Platforms by 67,172.9% in the 1st quarter. GAMMA Investing LLC now owns 23,452,665 shares of the social networking company’s stock valued at $13,517,178,000 after purchasing an additional 23,417,803 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Meta Platforms in the 4th quarter valued at about $2,243,603,000. Northern Trust Corp increased its stake in shares of Meta Platforms by 13.5% during the 4th quarter. Northern Trust Corp now owns 23,445,565 shares of the social networking company’s stock valued at $13,727,613,000 after acquiring an additional 2,787,832 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Meta Platforms by 712.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,537,631 shares of the social networking company’s stock valued at $1,462,589,000 after acquiring an additional 2,225,186 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

Analysts Set New Price Targets

META has been the subject of a number of research reports. Stifel Nicolaus boosted their target price on Meta Platforms from $628.00 to $655.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Moffett Nathanson boosted their target price on Meta Platforms from $525.00 to $605.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Benchmark decreased their price target on Meta Platforms from $820.00 to $640.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Evercore ISI upped their price target on Meta Platforms from $725.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Finally, Pivotal Research decreased their price target on Meta Platforms from $875.00 to $830.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating, thirty-seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $729.38.

Meta Platforms Price Performance

Shares of NASDAQ META opened at $720.92 on Tuesday. Meta Platforms, Inc. has a 1-year low of $442.65 and a 1-year high of $747.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.66 and a quick ratio of 2.66. The business’s fifty day moving average price is $677.20 and its two-hundred day moving average price is $635.41. The firm has a market capitalization of $1.81 trillion, a PE ratio of 28.12, a P/E/G ratio of 1.76 and a beta of 1.28.

Meta Platforms (NASDAQ:META) last issued its earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.69% and a net margin of 39.11%. The firm had revenue of $42.31 billion for the quarter, compared to analyst estimates of $41.45 billion. During the same period last year, the company earned $4.71 earnings per share. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. On average, research analysts expect that Meta Platforms, Inc. will post 26.7 EPS for the current year.

Meta Platforms Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Monday, June 16th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend was Monday, June 16th. Meta Platforms’s dividend payout ratio is presently 8.19%.

Insiders Place Their Bets

In other Meta Platforms news, insider Jennifer Newstead sold 519 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $721.57, for a total value of $374,494.83. Following the sale, the insider directly owned 27,107 shares of the company’s stock, valued at $19,559,597.99. This trade represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Javier Olivan sold 517 shares of the firm’s stock in a transaction on Monday, July 7th. The shares were sold at an average price of $717.51, for a total value of $370,952.67. Following the transaction, the chief operating officer directly owned 7,336 shares in the company, valued at $5,263,653.36. This trade represents a 6.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 152,263 shares of company stock valued at $104,638,750 over the last three months. Company insiders own 13.61% of the company’s stock.

Meta Platforms Company Profile

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.